The case involves an application filed by the liquidator of M/s Rainbow Industrial Park Private Limited, seeking dissolution of the corporate debtor under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The corporate insolvency resolution process (CIRP) was initiated based on an application filed by an operational creditor under Section 9 of the Code, which was admitted on 05.10.2021. Subsequently, a liquidation order was passed on 31.05.2022, and the applicant was appointed as the liquidator.
Mr. Kinjalkumar Madhubhai Chaudhary, the liquidator of M/s Rainbow Industrial Park Private Limited, filed an application seeking the dissolution of the corporate debtor. The CIRP was initiated by an operational creditor, Mr. Shashikant Thakar, under Section 9 of the Insolvency and Bankruptcy Code, 2016, and was admitted on 05.10.2021. A liquidation order was passed on 31.05.2022, appointing Mr. Chaudhary as the liquidator. The liquidator prepared a list of stakeholders, with the only claim staked by the operational creditor for Rs 1,30,000/-. The liquidator did not open a separate bank account for the corporate debtor during liquidation. The liquidator's final report, dated 19.11.2022, indicated that the only assets available were Rs 1,827/- in cash and bank balance.
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The application under Section 9 of the…
An order for liquidation…
The case involves an application filed by the liquidator of M/s Rainbow Industrial Park Private Limited, seeking dissolution of the corporate debtor under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The corporate insolvency resolution process (CIRP) was initiated based on an application filed by an operational creditor under Section 9 of the Code, which was admitted on 05.10.2021. Subsequently, a liquidation order was passed on 31.05.2022, and the applicant was appointed as the liquidator.
Mr. Kinjalkumar Madhubhai Chaudhary, the liquidator of M/s Rainbow Industrial Park Private Limited, filed an application seeking the dissolution of the corporate debtor. The CIRP was initiated by an operational creditor, Mr. Shashikant Thakar, under Section 9 of the Insolvency and Bankruptcy Code, 2016, and was admitted on 05.10.2021. A liquidation order was passed on 31.05.2022, appointing Mr. Chaudhary as the liquidator. The liquidator prepared a list of stakeholders, with the only claim staked by the operational creditor for Rs 1,30,000/-. The liquidator did not open a separate bank account for the corporate debtor during liquidation. The liquidator's final report, dated 19.11.2022, indicated that the only assets available were Rs 1,827/- in cash and bank balance.
…The application under Section 9 of the…
An order for liquidation…